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BitFloor, Largest U.S. Bitcoin Exchange Shuts Down By Abel Lang

Posted on Thursday, 18th April 2013 @ 11:04 PM by Adelaide GuseText Size A | A | A

The recent Bitcoin rollercoaster ride has come to an end for one exchange.

Bitcoin exchange BitFloor announced Wednesday it is closing its trading operations and plans to return its remaining funds to its users.The New York-based exchange, which specialized in trades of the digital peer-to-peer currency, announced the closure with a note on its home page penned by its founder, Roman Shtylman:

I am sorry to announce that due to circumstances outside of our control BitFloor must cease all trading operations indefinitely. Unfortunately, our US bank account is scheduled to be closed and we can no longer provide the same level of USD deposits and withdrawals as we have in the past. As such, I have made the decision to halt operations and return all funds.Over the next days we will be working with all clients to ensure that everyone receives their funds. Please be patient as we process your request.

This closure marks the apparent end for the troubled exchange, which temporarily suspended operations last September after the theft of 24,000 BTC. At the time, Bitcoin was trading for $10.40, making the virtual heist’s score worth nearly a quarter of a million dollars.

Established in 2009, the decentralized currency has had its ups and downs in recent years. Trading as low as $2 a Bitcoin in late 2011, the virtual currency has experienced meteoric valuation growth and dramatic drops in the past four weeks. After trading as high as $260, Bitcoin experienced a steady streak of daily declines; the currency is currently trading at $90 on the Mt. Gox exchange, off its lows of $50.

The closure also comes a little more than a week after a New York-based startup announced that it had completed a seed round of financing totaling $500,000 to launch a Forex trading platform that will allow investors to short the Bitcoin market.

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